The previous week's number, by the way, was revised up slightly — to 389,000 from the initial estimate of 386,000.

The Associated Press writes that:

"Applications are a measure of the pace of layoffs. They have been edging up in recent weeks after falling steadily over the fall and winter. In the past six weeks, applications have increased nearly 5 percent. When applications fall below 375,000, it generally suggests hiring is strong enough to reduce the unemployment rate."